The Reserve Bank of India surprised markets with a 25 basis point cut in interest rates on Thursday and signalled it could do more, amid signs of slowing inflation and what it said was a government commitment to contain the fiscal deficit.
India's central bank governor Raghuram Rajan eased rules to spur bank lending and toned down his inflation rhetoric in moves set to be welcomed by a new pro-business government determined to revive economic growth.
India will withdraw all currency notes issued prior to 2005, including the Rs 500 and Rs 1,000 denomination bills, starting March 31.
The step announced by the Reserve Bank of India (RBI) is aimed at curbing black money and fake c
India plans to launch trading of government bond futures within the next two months as part of efforts to deepen its financial markets, according to several sources involved in the discussions with the central bank.
India's new central bank chief kicked-off his term with a bang, announcing a spate of measures to support the embattled rupee and unveiling a raft of steps to liberalise financial markets and the banking sector.
In an unexpect
The Indian rupee staged a sharp recovery on Wednesday after suspected heavy dollar selling by the central bank, preventing the battered currency from slipping to a record low on the same day that the authority ushers in a new governor.
The Indian rupee rebounded on Thursday from a record low after the central bank's move to provide dollars directly to oil companies provided relief to the currency, while a recovery in emerging market currencies also helped offer support.
The UAE Exchange has applied to the Reserve Bank of India for a banking licence.
The non-banking financial company has a network of 328 direct branches and 44,000 agent locations present in 20 states in India.
India's central bank said yesterday it will consider more steps to restrict gold imports and help stem the country's widening current account deficit.
Gold purchases are one of the biggest contributors to the deficit in th
India's central bank has left interest rates on hold but cut the cash reserve ratio for banks, defying pressure from the government to lower rates for the first time since April but also indicating it may ease policy in early 2013.